Participating Partners: Partners who purchased Banco BTG Pactual common shares, Banco BTG Pactual Class A preferred shares at the same time, on the same terms and as part of the same transaction, which collectively represents 2.6% of Banco BTG Pactual’s total share capital.

Partners: Individuals who, collectively (together with their family members, trusts or other entities established for their benefit or the benefit of their family members), directly or indirectly currently hold Banco BTG Pactual common shares, Banco BTG Pactual Class A preferred shares (in the case of Participating Partners), Banco BTG Pactual Class B preferred shares, which jointly represent approximately 74.3% of Banco BTG Pactual’s share capital, together with individuals who, in the future, directly or indirectly, hold equity interests in Banco BTG Pactual and who are employees (or act in a similar capacity) of one or more entities within Banco BTG Pactual.

Regulation S: Rule promulgated under the U.S. Securities Act of 1933, as amended, or the Securities Act, related to institutional and other investors outside the United States and Brazil that are not U.S. persons.

Rule 144A: Rule promulgated under the U.S. Securities Act of 1933, as amended, or the Securities Act, related to qualified institutional buyers of the United States.